Kraken Robotics Inc (KRKNF)

[News Junky]

08:27 AM EDT, 09/21/2017 (MT Newswires) -- Kraken Robotics (PNG.V), a marine technology company, said Thursday that its wholly-owned subsidiary, Kraken Robotic Systems has won the $2.0 million contract to deliver sensors, underwater robotics and software in Q4 2017.

According to a statement, further contract terms and program details are confidential.

Chief Executive Officer Karl Kenny said: "Over the past 18 months, Kraken has made a series of prudent investments in people and technology to advance the performance and affordability of our sensors and underwater robotics. It's increasingly evident by our recent contract awards that these investments are paying off. The proven capabilities and reliability of our solutions provide our customers with a true technological edge for subsea survey applications in the Unmanned Maritime Vehicle (UMV) industry."

In a statement, the company said it is expecting significant growth in the global UMV market in the commercial sector, predominately from oil and gas operators - despite the volatility of oil prices. It added that there has also been substantial interest in the technology from the offshore renewable energy sector, as operators have begun to understand the cost saving potential of robots for inspection of underwater assets.